
Ivan Murphy
Executive Chairman of Harena Rare Earths PLC, a London-listed rare earths exploration company developing the Ampasindava ionic clay project in Madagascar.
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Oct 18, 2026
S12 Ep14: Sunday Roast featuring Harena Rare Earths Plc + 12 Stocks Of 2026 Quarterly Review #HREE #DGQ #SVNS #ARS #BZT #EPP #SVML #GMET #XTR #AMRQ #JLP #AJAX #REV #INC #LMIN #TAR #HALO
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Phil CarrollHOST
Well, I mean, I guess let's start at the beginning because for those unfamiliar with the Harina story, can you explain in simple terms what you've got at Ampas in Dava and how you plan to extract and process these rare earths and what makes the project potentially so valuable?

Ivan MurphyGUEST
Yeah, it's so easy to answer that question because over the last year, we've had two acquisitions that make it very easy to explain why our project is important, why it's undervalued and what's going to happen to us.

Ivan MurphyGUEST
And this is the fundamental thing you've got to focus on if you're a rare earth investor.

Ivan MurphyGUEST
Hard rock projects are great, but they're going to take much longer and they're going to be much more complicated and they're going to need a lot more money.
18 MINS LATER
2509: Harena Rare Earths: Ampasindava exploitation permit granted!
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3:27AlistairHOST
Uh, why don't you tie them together for us?

Ivan MurphyGUEST
You know, ionic clay rare earth projects are the ones that are getting the interest.

Ivan MurphyGUEST
We've seen Cerro Verde buy theirs, and now much more recently, Lynas bought one for about six, seven hundred million, um, just a couple of weeks ago.
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5:18AlistairHOST
Tell us a little bit more about what that will look like now that you are permitted.
2501: 1947 Oil & Gas lists on Aim, with production in Gulf of America
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4:27AlistairHOST
And what's the state of these assets? Are they in good condition?

Ivan MurphyGUEST
These are all mature assets, but you know, have been functioning well for some decades, some 10, 15 years depending.

Ivan MurphyGUEST
So they are coming to the end of their lives, and this is a very well-worn path in the US.

Ivan MurphyGUEST
It's about taking assets like these, you know, working them harder, adding some value, adding some capital, making them last longer, taking drilling opportunities off these platforms, uh, to add production.

Ivan MurphyGUEST
You know, we've seen that done in the North Sea by the Sericas of this world, you know, who are obviously very familiar to the, to, to the investor audience in London.
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7:28AlistairHOST
... might like to look at?
Harena Rare Earths PLC
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4:18speaker_1HOST
So that endorsement is major and does strengthen your strategic position in the space.

Ivan MurphyGUEST
yeah so look we've had a brilliant 12 months you know like an absolute transformational 12 months for this company when you're in these development or exploration projects which we used to be and then moving into development your progress gets much steeper because you know you've got a resource you've proven that to the market you've illustrated that it's it's tangible and it's real um so we've had a very uh you know transformational few months and that's culminated into massive milestones for us Firstly, we took an investment from the Development Finance Corporation of America.

Ivan MurphyGUEST
This is one of the key government agencies in the US that's leading the charge for critical mineral solutions.

Ivan MurphyGUEST
They've made lots of other investments, including here in USA Rare Arts and other projects like that.
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6:45speaker_1HOST
So how does this help expand your US investor strategy with the capital markets here?
Harena Rare Earths secures US$5M DFC funding as Madagascar project advances toward production
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Steve DarlingHOST
I know you just put out a release talking about the tremendous amount of work that had happened at the project.

Ivan MurphyGUEST
Yeah, we've had like a transformational year, really, and that's part of why I'm here today.

Ivan MurphyGUEST
You know, we've broken out, you know, we're way through that sort of expiration part of the curve.

Ivan MurphyGUEST
We've in the last year taken investment from the Development Finance Corporation of America, which has, you know, been a huge endorsement of the project.

Ivan MurphyGUEST
Also, we've taken, we've upgraded our permitting in country with the government.

Ivan MurphyGUEST
So now we're really on that stretch towards production, which is the much more exciting part.

Ivan MurphyGUEST
Our partnership with the Development Finance Corporation has been about $5 million of a project funding facility, which is the first stage of that.

Steve DarlingHOST
All right, we're sitting here in September, so tell me a little bit about what's planned for the rest of this year and obviously into next year as well.
2468: Harena Rare Earths: Mining licence granted, on to pilot plant!
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1:31AlistairHOST
And how are you in the wake of this positive development?

Ivan MurphyGUEST
Firstly, obviously, we have announced already, which we've discussed previously, our investment from the US government.

Ivan MurphyGUEST
in a form of a project finance development investment from the Development Finance Corporation of America.
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6:11AlistairHOST
How does the whole picture sort of come together in your mind?
2449: Harena Rare Earths: DFC commits to funding Ampasindava
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3:32AlistairHOST
And so presumably that means though, that there's a relationship in place when you come to developing the project outright and moving it into production that could be very, very useful.

Ivan MurphyGUEST
Yeah, I mean, that's inherent and we've alluded to that in the release that we've put out to the market this morning, which part of the agreement is a wider understanding where we start already to look at opportunities for the wider funding and the greater funding to get the project actually into production.

Ivan MurphyGUEST
And they obviously have a very stated policy in the US of wanting to finance projects like that.

Ivan MurphyGUEST
So yeah, so this puts us in a great place to have such a brilliant potential funder and partner for the bigger part of our needs, which is about 150 million to get us into production.

Ivan MurphyGUEST
So it's not just... getting this money it's really now putting us into the center of that conversation putting us in with other organizations that they're also funding and funds that they've supported so you know the dfc has also put money into large critical mineral investment funds so this is giving us now exposure to those and you know we've already had great introductions from the team at the dfc over these last months and i've had exposure to lots of great people and funds etc so You know, one brilliant example is the DFC, you know, were a big part of the funding for USA Rare Earths.

Ivan MurphyGUEST
Barbara Humpton, who runs that, and her team then bought Cerro Verde, which is the massive ionic clay rare earth project in Brazil for about 2.8 billion, I think the number was.
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6:55AlistairHOST
What's so good about it?
